Today's Support and Resistance levels:

R3: 1.6771

R2: 1.6723

R1: 1.6688

Current Spot: 1.6672

S1: 1.6634

S2: 1.6572

S3: 1.6543

Technical summary:

We only saw the minimum correction to 1.6572 before the next rally pushed above the top of red wave i and confirmed that red wave iii is developing. Ideally support at 1.6634 now will protect the downside for a break above 1.6722 indicating the next powerful rally higher towards at least 1.6882 and in the long term much higher towards 1.7326. However, if support at 1.6634 breaks, then we will have consider the rally of the 1.6572 low as part of an complex correction and look for a continuation down to at least 1.6572 and likely lower towards 1.6477 before red wave iii will be ready to take over.

Trading recommendation:

We are long EUR from 1.6411 and will raise our stop to 1.6565. If you are not long EUR already, then buy a break above 1.6722 with the same stop at 1.6565.